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Street View
$649,000
Monthly Est:$3,230
4 Beds
2 Baths
--sqft
1512 N Maplewood Ave, Chicago, IL 60622
$649,000
$3,230/moEst:
Get Pre-Approved
Multi Family
Built in 1889
$-- HOA
-- sqft lot
--/sqft
Description
1512 N Maplewood is a 2-unit building on a 3,024 SF parcel with favorable RT-4 zoning. The 2 Bed / 1 Bath units have central air conditioning, common-area laundry, and generate $48,430 in annual gross revenue. Ownership previously engaged Hanna Architects to design a 3-unit, 3,900 SF building on the site, and drawings are available for review in the additional information tab. The building offers a buyer two distinct paths for value creation: a long-term covered land play or immediate redevelopment. Long-Term Covered Land Play: In-place income reflects $31,487 of NOI, a 4.87 cap rate, and 13.4x GRM. In-place rents are well below the $2,224 market average, a 21.8 percent mark-to-market opportunity. This allows a new owner to stabilize the building at a 6.01 cap rate while awaiting future redevelopment. Redevelopment: The parcel is zoned RT-4, Chicago's low-to-medium-density multiunit zoning. This allows development of a 1.2 FAR building up to 42 feet tall where 25 percent of units are Type A accessible. These entitlements support the development of up to 3 units by right. The land is listed at $179 per buildable SF against an average land sale of $181 per buildable SF. In addition, the 2-unit building produces interim income of $31,631 per year as a developer finalizes architecture and permits.
- Houzeo last checked: 12 hours ago
- Listing updated: September 14, 2026 at 5:06 am
- Listing Provided by: Quinn Evans (224) 244-3098 | Essex 312, LLC (773) 305-4858
- Source: MRED MLS-IL as distributed by MLS GRID | MLS#: 12753481
Property Details
Status
Active
Type
Multi Family
No. of Stories
-
County
City
Neighborhood
Year Built
1889
HOA Fees
-
Finished Area
- sqft
Lot Size
-- sqft lot
Basement Area
- sqft
MLS Name
MRED MLS
MLS Number
12753481
MLS Status
Active
Days on Market
55
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Location
Facts & Features
Rooms
Bedrooms & bathrooms
Bedrooms: 4
Bathrooms: 2
Interior
Sewer
Public Sewer
Heating
Forced Air
Construction
Year Built
Year Built: 1889
Home type
Multi Family
Construction Materials
Brick
Utilities & Energy
Parking Features
Yes, Detached, Garage
Basement
None
Water Source
Lake Michigan
Price History
| Date | Event | Price |
|---|---|---|
09/08/2026 Source: | Listed for Sale | $649,000 +64.30% $0/sqft |
05/25/2018 Source: | Price Increased | $395,000 +5.33% $0/sqft |
05/25/2018 Source: | Sold | $375,000 -5.06% $0/sqft |
05/25/2018 Source: | Price Decreased | $395,000 -5.93% $0/sqft |
12/12/2017 Source: | Price Decreased | $419,900 -2.33% $0/sqft |
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This representation is based in whole or in part on data supplied by Midwest Real Estate Data, LLC through Nov 02, 2026, 02:15PM. Midwest Real Estate Data, LLC does not guarantee nor is it in any way responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market. Based on information submitted to the MLS GRID as of Nov 02, 2026, 02:15PM. All data is obtained from various sources and has not been, and will not be, verified by broker or MLS GRID. Supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. This website may not include listings or property addresses of sellers who have directed their listing brokers to withhold their listing or their property address from display on the Internet. Some IDX listings have been excluded from this website. Information is provided exclusively for consumers’ personal non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed by MLS GRID, MRED or Houzeo. The use of the MLS GRID Data may be subject to an end user license agreement prescribed by the Member Participant’s applicable MLS, if any, and as amended from time to time. Properties displayed may be listed or sold by various participants in the MLS, Listings courtesy of MRED as distributed by MLS GRID. ©2026 Midwest Real Estate Data LLC. All Rights Reserved
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